by Stephen Dupuis, President & CEO, BILD



New condo market sizzles in April

No amount of rain could slow down the high-rise housing market in the GTA in April as buyers snapped-up 3,249 new condominium suites, resulting in the best April ever for new condo sales.

According to RealNet Canada Inc., condominium sales were up 89 per cent compared with April 2010. In addition to being the best April ever, the 3,249 units sold amount to the third-best monthly condo sales tally on record. April sales were double the average levels achieved over the last 12 years, RealNet revealed.

With a grand total of 8,675 condo suites sold so far this year, high-rise condo sales are running a stunning 23 per cent ahead of the January-April 2010 period.

Remarkably, nearly two-thirds (64 per cent) of all new home sales in April were high-rise condo suites, which in itself is a record-high monthly market share. On a year-to-date basis, six of every 10 new homes sold in the GTA has been a condo suite.

Frankly, I'm running out of superlatives to describe the high-rise housing market in the GTA. The fact that a new condo was purchased every 13 minutes last month pretty much says it all.

As for the low-rise market, April sales declined by four per cent compared with April 2010, and are down 14 per cent on a year-to-date basis, reflecting price pressure caused by the very restricted supply of low-rise land. Low-rise prices are up 7.3 per cent year/year to $524,954 while high-rise prices are up 5.2 per cent to $447,352. The $77,602 differential between the low- and high-rise price index goes a long way towards explaining the low-rise slow-down and well as the high-rise surge.

Stephen Dupuis is President and CEO of the Building Industry and Land Development Association (BILD). You can read more from Stephen and BILD by visiting the Association's official blogTwitterFacebook and Youtube accounts.